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Economics MCQs

Commerce Objective Questions

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1079. Which of the following is example of external economies of scale?
A. Discount on purchases of raw materials
B. Technical progress leads to development of machine at low price
C. Hiring of specialized staff due to increase in scale of production
D. A firm starts producing by-products
Discussion
1080. Efficient allocation of resources to the maximum extent that can be achieved:
A. In Oligopoly
B. In Monopoly
C. In monopolistic competition
D. In perfect competition
Discussion
1081. Which one is not a type of demand?
A. Price demand
B. Derived demand
C. Joint demand
D. All of these
Discussion
1082. The average cost curve of a firm will be
A. Straight line
B. Circular
C. Parabola
D. Rectangular hyperbola
Discussion
1083. Other things equal, if a good has more substitutes, its price elasticity of demand is
A. Larger
B. Smaller
C. Zero
D. Unity
Discussion
1084. The marginal cost is equal is to marginal revenue, the average cost is equal to average revenue, average revenue is equal to marginal revenue, and the average cost is equal to marginal cost. This is the condition of
1. Long-period equilibrium for a firm under monopoly.
2. Short-period equilibrium for a firm under oligopoly.
3. Long-period equilibrium
4. Long-period equilibrium for a firm under perfect competition.
A. 1 and 4
B. 3 and 4
C. 1 and 3
D. Only 1
Discussion
1085. The demand function is a statement of the relationship between
A. quantity of factors of production
B. quantity of product demanded and all the factors that affect this quantity
C. quantity demanded and profit
D. product demand and cost of output
Discussion

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